Triggers Hit In Leveraged Tranches

Credit spread widening has brought some leveraged tranches of asset-backed collateralized debt obligations to the trigger levels that force the structures to delever.

  • 10 Aug 2007

Credit spread widening has brought some leveraged tranches of asset-backed collateralized debt obligations to the trigger levels that force the structures to delever.

Concern is focused on Canadian conduits, the investment vehicles that bought up leveraged super senior notes in large sizes. Some conduits are backed by large ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 104,427.74 298 10.96%
2 Bank of America Merrill Lynch 86,347.40 249 9.06%
3 JPMorgan 80,990.39 237 8.50%
4 Wells Fargo Securities 77,934.65 225 8.18%
5 Credit Suisse 63,570.21 165 6.67%